WASHINGTON: The Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere "puffery".
In a US$5 billion suit, the U.S. government has accused S&P, owned by McGraw-Hill Companies Inc, of issuing inflated ratings on faulty products to drum up business before the 2008 financial crisis, despite assurances that its judgments were objective.
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